• An Opinion on Limiting Auditor Liability

    Jack Cieslieski at Accounting Observer wrote a piece auditor liability. Auditing firms have been seeks caps on their liability for failed audits. Large firms are afraid that they might end up in the same trouble Arthur Andersen found themselves in […]

  • The End of Sarbanes-Oxley?

    Auditors and consultants around the country would like to string me up for my vocal dislike of Sarbanes-Oxley. I frequently moan that the cost is too high, the results are too poor, and consumers are fooled into thinking there’s been […]

  • The Cost (and Risks) of Becoming an Audit Partner

    Ever since my days as a staff auditor at Arthur Andersen, I’ve wondered what it costs to become a partner at a large firm. It’s obviously not something that is widely discussed with staff, so the youngsters all remain clueless. […]

  • One Accountant’s Argument Against IFRS

    Al Rosen, a forensic accountant and principal of Rosen & Associates in Toronto wrote about his opinion on IFRS (International Financial Reporting Standards) in Canadian Business magazine. The U.S. might be moving from GAAP (Generally Accepted Accounting Principles) to IFRS, […]

  • The IFRS Impact on Accounting Education in the U.S.

    A fellow AOL blogger, Victoria Erhart, wrote a fantastic piece on Bloggingstocks, GAAP vs. IFRS: New accounting rules could mean trouble.She looks at the problems that will surely come up if the U.S. switches to International Financial Reporting Standards (IFRS). […]

  • Patrick Byrne: Do As I Say, Not As I Do.

    Patrick Byrne, CEO of Overstock.com (NASDAQ:OSTK) has been on a crusade against naked short selling for a couple of years (or more?). It is currently his position that naked short selling is bad. He confirms his belief in this statement […]

  • UPS Rats Out FedEx

    Interesting story from Bloomberg: A secret report from a lobbyist who represents United Parcel Service Inc. prompted an Ohio state investigation into employment practices of FedEx Corp., leading to a finding that FedEx owed back taxes and interest. Kenneth Kies, […]

  • Securities & Exchange Commission Closes Inquiry Into Overstock.com

    Overstock.com (NASDAQ:OSTK) announced today that the Salt Lake City office of the SEC notified them that it is not recommending any enforcement action against the company. The following was reported: “I know that the SEC has an obligation to look […]

  • Overstock.com is Doing Better if EBITDA is Worse Than They Reported?

    This level of logic from the supporters of Patrick Byrne and his supporters is pathetic. Sam Antar has brought up the issue of Overstock.com’s (NASDAQ:OSTK) violation of SEC regulations in reporting EBITDA. The result of that improper reporting? EBITDA is […]

  • Auditor reveals how risky mortgages were allowed to go through

    NPR featured a story on Tracy Warren, an auditor at Watterson-Prime, a quality control contractor who reviewed subprime loans for investment banks before they were sold on Wall Street. (The biggest client of Watterson-Prime? Bear Stearns.) She has over 25 […]